Thought there might be some unaware of this. So briefly and I am not an accountant . As from 6th April 26 anyone who has income from self employment, rent from property etc or a combination that equates to a turnover of 50k or more (not profit) will have to file a tax return digitally, not paper! on approved software EVERY 3 months. Your financial year HAS to be the same as tax year otherwise you may pay tax twice on the overlapping end of year quarter, which yes you will get back eventually! The turnover threshold to comply reduces to 30k in 2027 and then to 20k in 2028.
At the moment partnerships are excluded and it does not apply to LTD companies.
There is available some compliant software free of charge note spreadsheets are NOT compliant.
So Orwell's 1984 has arrived a few years late with the state interfering in our lives and businesses on a daily basis.
Undoubtedly MTD will only increase the black economy, discourage people from self employment and providing wealth for the country and employment. The burden of compliance relating to VAT, employers NI, PAYE and now MTD will be the final straw for many of us .
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Most of the business software packages such as QB, Zero etc are fully MTD ready. Some of these, such as Zoho Books, Wave, QuickFile are free for small businesses, and Freeagent is free if you have certain bank accounts.
The MTD idea is to stop small businesses storing everything on scraps of paper etc and waiting to the year end to file everything- probably missing a whole lot. In addition it's to get them more in-line with PAYE, with quarterly submissions.
Thats ok for you youngsters, who are capable of using this shit. What about the rest of us appriaching 70? When I was at school calculators were a novelty! There are a lot in this trade who will just pack it in or go off grid, its more interference by government and red tape which is not necessary. The only winners will be the software companies and accountants who will be overjoyed at the increase in fees.
It's important as the 48% of working people to provide for the impoverished depending on the welfare state.
If fat jayden with adhd doesn't get his macdonalds via delivero everyday he gets anxiety attacks.
His parents that have never worked still need there 60k mobility car to help with there fribromaylgia.
Obviously there's the cruise ship holidays to pay for.
Mtd: more work more expense. With inforced mtb might as well all go vat registered.
Yes, I'm pissed off too, fed up of supporting the druggies, alcos and bone idle who have 6 kids with no intention of supporting themselves,Rachel in accounts has just made that more of a lifestyle choice. Hope Nigel will sort this broken country when he is PM
You do realise that it was the Conservative Party who introduced MTD in 2019 and then expanded it in law to include income tax self assessment in 2022. Nothing that Labour could do to stop it, even if they wanted to.
As for Nigel, if you are trusting him, then good luck to you..
Just setting off in my dinghy from Calais
I'm hopping for asylum in America
Anyone with half a brain knows that's common knowledge.
'You will own nothing and be happy'
Last general election i red the manifestos of tories, Labour and reform. The only one that was realistic and contained common sense was reforms.
Tories and Labour are both left leaning out of touch and self serving. There is no difference between either they may as well become one party. We need new parties that work for the uk we are not a charity. In the third world you don't work you starve.
My favourite reform policy is:
It will be made punishable by law if a party does not for fill its policies in their manifesto.
I like Nigel he's lived in the real world. He loves his country. He is a human being.
Look at trump love or hate him, look at all the good he has done for his country he loves.
All this bull shit was started by the war criminal Toney Blair. Who I voted for.
Labour will do anything to win votes.
Including burning our country to the ground just to prove a point.
I'm with you on this. Just had a look at the betting odds for the next general election as it's not often the bookies get it wrong from the odds offered they predict a landslide victory for reform😃.
So we will have to be patient and put with what we have for the next 3 years🥶
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